Coming out of the upheaval and uncertainty of the pandemic, 2022 and 2023 were marked by extremes: record-setting numbers of new residents; skyrocketing housing prices and rock-bottom apartment vacancy rates; inflation levels unseen in decades; and a sharp drop in measures of well-being.
A degree of moderation was evident in 2024, as population growth in Halifax slowed, the housing market eased slightly, and inflation declined allowing the Bank of Canada to start lowering interest rates.
These factors contributed to greater purchasing power for Halifax residents and businesses after three consecutive years of decline. The unemployment rate remained low. Halifax led benchmark cities in household income per capita growth. As a result, well-being measures rebounded in 2024. In its Winter 2025 forecast, the Conference Board of Canada predicted continued positive growth for Halifax’s GDP.
This forecast, however, was issued prior to the return of President Donald Trump to office in the United States. His threats and chaotic behaviour have caused confusion and elevated risk in the world economy, with Canada among the nations potentially affected most. The only certainty for 2025 would appear to be continued uncertainty with significant downside risks.
In addition to the dark shadow of US-Canada trade risks, Nova Scotia’s continued poor results in areas such as health and productivity remain concerns.
Challenges related to long-term demographics, public debt, tariff and trade threats, and tepid economic growth led to the April 2025 launch of The Productivity Puzzle, a series of events, discussions, and research designed to highlight and spark a broader conversation around the significance of productivity, why it matters for Nova Scotians, and how improving it strengthens the economy and improves quality of life.
We hope to report in the Halifax Index 2026 that this initiative has sparked dialogue and action leading to improved metrics for productivity, growth, and well-being.
Every year, the Halifax Index provides an overview of the city’s economic and community progress and insights to strengthen and grow Halifax. This 14th annual edition continues to measure Halifax's growth across a wide range of key indicators and progress towards Halifax’s Inclusive Economic Strategy goals.
We continue to compare Halifax with nine major Canadian cities. Our benchmark cities include St. John’s, Quebec City, Montreal, Ottawa, Toronto, Kitchener-Cambridge-Waterloo (KCW), Winnipeg, Calgary, and Vancouver.
In past years, the Halifax Index used data for the Halifax Census Metropolitan Area (CMA). This geographic designation, until recently, closely matched the political borders of Halifax Regional Municipality. Statistics Canada’s revisions for the 2021 Census added East Hants to the Halifax CMA. When comparing to other benchmark cities, data in the Halifax Index continue to use the CMA to provide a fairer comparison. Other charts and tables, however, use the Halifax Economic Region (ER) or the Halifax Census Subdivision (CSD). These two areas closely align to HRM’s political boundaries.
The population of Halifax Regional Municipality passed the half-million milestone in 2024. The estimated population of 503,037 was up by 11,600 over 2023. Growth was down from the peaks of the two previous years but was still the third-highest annual increase on record.
Halifax job growth remained strong in 2024, with an unchanged unemployment rate and a slight drop in job vacancies. There are two items of note: the rate of growth in public sector jobs greatly exceeded the private sector, and self-employment declined.
Halifax’s economy grew in 2024, but concerns over productivity and startup metrics are compounded by threats to Canada’s trading relationships.
New data released from Statistics Canada provide annual population estimates for areas within Halifax Regional Municipality for the first time.
In 2024, as annual inflation retreated to 2.6% and per capita income surged to 6.0%, Halifax saw an increase in average purchasing power of 3.4% after three years of decline, and the poverty rate declined to 13.3% from the year before.
As inflation subsided and housing pressures began to ease in 2024, well-being measures started to rise after dropping in 2023.
Housing starts and completions hit new record highs as the HST was removed on purpose-built rental housing and interest rates declined. Nonetheless, housing costs continued to climb above the general rate of inflation.
Learn how Halifax has fared as we move into the fourth year of People. Planet. Prosperity. Halifax’s Inclusive Economic Strategy 2022-27.
To our sponsors and partners who helped us develop this year's Halifax Index.
View previous publications by visiting the Halifax Index archive below.
On June 19, 2025 Halifax Partnership presented this year's Halifax Index along with partners from TD Bank and Entrevestor.
Together with Halifax Regional Municipality, we led the development of Halifax's economic strategy for 2022-27. We brought together businesses, partners, residents, and communities throughout Halifax to share ideas, insights, and actions to build a more inclusive, sustainable, resilient, and prosperous Halifax over the next five years.
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